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VerSe cuts burn by 51% in FY24, eyes profitability in H2 CY25

EntrackrEntrackr · 3m ago
VerSe cuts burn by 51% in FY24, eyes profitability in H2 CY25
Medial

VerSe Innovation, the parent company of vernacular news aggregator Dailyhunt and social media app Josh, has reported a significant 51% reduction in EBITDA burn during the last fiscal year. The company’s EBITDA burn dropped from Rs 1,448 crore in FY23 to Rs 710 crore in FY24. The losses exclude non-cash expenses. Verse reported total revenue of Rs 1,261 crore in FY24, compared to Rs 1,809 crore in FY23. VerSe brought down its cost of services by 17% to Rs 1,155 crore and slashed business promotion expenses by 65%, from Rs 969 crore in FY23 to Rs 339 crore during the fiscal year ending March 2024. VerSe is projecting revenue growth of over 75% in FY25. The company’s growth plans are supported by its investment in AI-led tools and platforms. VerSe is also targeting break-even in the second half of calendar year 2025. VerSe was valued at $5 billion after raising a $805 million round in April 2022. The firm claims to have over 350 million users every month (MAU). Dailyhunt competes with Inshorts, whereas its short video app Josh competes with ShareChat’s Moj, YouTube Shorts, and Instagram, among others.

Shiprocket’s revenue grows to Rs 1,316 Cr in FY24, cuts losses

EntrackrEntrackr · 8m ago
Shiprocket’s revenue grows to Rs 1,316 Cr in FY24, cuts losses
Medial

Logistics and supply chain enabler Shiprocket has managed decent growth in the fiscal year ending March 2024. Its co-founder and chief executive officer Sahil Goel claimed that the company’s operating revenue grew 21% year-on-year and reached Rs 1,316 crore in the last fiscal year. For context, Shiprocket recorded Rs 1,088.7 crore in revenue from operations in FY23 while its losses were at Rs 333.81 crore (including Rs 63.16 crore worth of exceptional items booked for amortization of intangible assets and investment provisions) during the period. While the company is still far away from profitability, Goel claimed that Shiprocket reduced its cash EBITDA burn by 48%, bringing it down from Rs 191 crore in FY23 to Rs 100 crore in FY24. According to him, the reduction in losses was a key factor in the company achieving cash profitability in the first two-quarters of FY25. The improved EBITDA margin reflects Shiprocket’s efforts to optimize operational efficiency, reduce costs, and increase its profit margins according to Goel’s LinkedIn post. “Our Emerging Businesses are growing at a rate of ~75% Y-o-Y including Shiprocket Cross Border, Checkout, Capital, and other innovations that are leading the way as we rapidly scale new products and offerings for Indian SMBs,” said Goel. The integration of Pickrr’s Domestic Shipping also played a crucial role in strengthening Shiprocket's core platform. Founded by Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket provides logistics and supply chain solutions to retailers which lets them integrate their shopping websites across e-comm enablers such as Shopify, Magenta, and others. The company claims to empower over 1.5 lakh active businesses and enable 5% of India’s e-commerce through its platform. In December 2021, Shiprocket raised $185 million in a Series E round co-led by Zomato, Temasek, and Lightrock India. The firm turned unicorn in August 2022 following a $33 million tranche. In October last year, it also scooped up $11 million from McKinsey at a flat valuation.

Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses

EntrackrEntrackr · 1y ago
Tractor Junction grows 3X in FY23, posts Rs 7.5 Cr losses
Medial

Rural vehicle marketplace Tractor Junction has managed to grow its scale by nearly three-fold during the last fiscal year (FY23). The byproduct of the fast-paced growth, however, is the five-year-old company slipping into red during the said period. Tractor Junction’s revenue from operations grew 196.2% to Rs 26.84 crore during the fiscal year ending March 2023 as compared to Rs 9.06 crore in FY22, as per the company’s consolidated annual financial statement with the Registrar of Companies. Launched by Shivani Gupta and Rajat Kumar, Tractor Junction is a rural vehicle marketplace that helps buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles. It also provides necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing. The company made 55% of its revenue from sale of tractors while the remaining came from the sale of services. The sales of services segment mainly deals in the business of providing advertising services to Original Equipment Manufacturers (OEMs) through generation of leads from their website and selling those leads to OEM’s. Tractor Junction also cornered Rs 1.75 crore via interest and gains on financial assets (non-operating revenue). Including this, the company’s total income stood at Rs 28.6 crore in FY23. Further, the Alwar-based company spent most on the cost of materials accounting for 42% of the total expenditure. This cost shot up over 20X to Rs 14.54 crore in FY23 from Rs 71 lakh in FY22. Employee benefit cost for the company jumped over 2X to Rs 9.35 crore during the last fiscal year. Moreover, advertising & publicity expenses also increased 56.1% to Rs 3.81 crore during FY23 from Rs 2.44 crore in FY22. Overall, the company’s total expenditure ballooned more than four-fold to Rs 34.67 crore in FY23 from Rs 8.28 crore in FY22. Head to startup intelligence platform TheKredible for complete expense breakdown and year-on-year financial performance of the company. On the back of rising expenses, the company slipped into red. Tractor Junction recorded Rs 7.46 crore losses in FY23 against Rs 67 lakh profit in FY22. The impact of cash burn can also be seen in operating cash outflows which climbed to around Rs 17 crore during the last fiscal year. FY22-FY23 FY22 FY23 EBITDA Margin 11.15% -19.41% Expense/Rupee of ops revenue ₹1.29 ₹0.91 ROCE 33.95% -15.36% The EBITDA margin and ROCE of the firm stood at -19.41% and -15.36%, respectively in FY23. On a unit level, Tractor Junction spent Rs 1.29 to earn a rupee of operating revenue during the fiscal year. As per TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart and Indigram Labs et al.

Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr

EntrackrEntrackr · 7m ago
Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr
Medial

SaaS-based edtech firm Teachmint improved its financial performance in the last fiscal year, doubling its operating scale while reducing year-on-year losses by more than 39%. However, the Lightspeed-backed company has yet to achieve significant scale. Teachmint’s revenue from operations spiked to Rs 17.1 crore in the fiscal year ending March 2024 from Rs 8.15 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Teachmint sells education software solutions through subscriptions to schools and teachers. The sale of software solutions accounted for 73% of the operating revenue which increased by 56% to Rs 12.5 crore in FY24. The rest of the income is derived from the sale of devices like biometrics, interactive flat panels, GPS devices, among others. The Bengaluru-based company firm managed to control its overall cost, reduced by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23. Key areas of cost reduction include employee benefits, marketing, and IT which dwindled by 21.2%, 63.6%, and 9.1% respectively. The 2X surge and controlled expenditure helped Teachmint reduce its losses by 39.2% to Rs 110 crore during the last fiscal year from Rs 181 crore in FY23. Excluding non-cash ESOP costs, the company’s losses stood at Rs 82 crore for the fiscal year ending March 2024. Its ROCE and EBIDTA margins stood at -24.7% and -198%, respectively. On a unit level, the company spent Rs 9.36 to earn a rupee in FY24. Importantly, the firm has a total current assets of Rs 440 crore including Rs 34 crore of cash and bank balances in the last fiscal year. The company’s transformation from pre-revenue to a significant revenue jump is largely driven by shifting its focus to digitize schools. Entrackr reported about the strategic move in April last year. Teachmint faced significant challenges in FY24, including laying off over 70 employees. It has raised over $100 million in funding, with a $78 million Series B round in October 2021 at a valuation of $500 million. However, it has not raised any additional funding in the last three years. Its competitor Classplus achieved a two-fold revenue increase to Rs 213 crore in FY24, while its newer rival, Lead School, recorded 25% growth to Rs 370 crore in revenue in the same period.

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 5m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

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